Harbor views and 18-foot ceilings are among the perks future residents of 10 Light St. could enjoy if a massive office-to-residential conversion goes as planned.

Cary M. Euwer Jr., the CEO of Reston, Va.-based Metropolitan Partnership Ltd., said those are the greatest benefits of redeveloping the 34-story office tower to multifamily units.

“It’s centrally located in the financial district where jobs are; it’s walkable to retail on the Inner Harbor and floor-to-floor heights are going to exceed anything else in the marketplace,” Euwer said.

Metropolitan has acquired the building from Rockville-based Nellis Corp. for $6 million and plans to convert it to 445 market-rate apartments with retail on the first floor.

Euwer declined to estimate the cost of the project. But Michael E. Muldowney, an executive vice president for CBRE Group Inc., said his brokerage firm is aware of development groups that considered buying 10 Light St. and pegged the redevelopment cost at around $150,000 per residential unit. If that number holds true, Metropolitan's project would cost about $66.75 million.

The building has 360,000 square feet of office space, according to CoStar Group Inc., but Euwer said the redevelopment will utilize basement space, bringing the total to about 520,000 square feet. The ceilings will range from 10 feet to 18 feet high and “it’s got great views, because it’s unencumbered on all four sides,” Euwer said.

It's too soon to specify apartment sizes or amenities that will be included in the building, Euwer said. But even with scant details, Kirby Fowler, the president of Downtown Partnership of Baltimore Inc., said 10 Light St. could be “the best residential address in downtown.”

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